ITAT Bangalore Upholds 154 Rectification for Non-Rural Bad Debts u/s 36(1)(vii)

DCIT Vs Union Bank of India (ITAT Bangalore) ITAT Bangalore Upholds 154 Rectification for Union Bank — Non-Rural Bad Debts Deductible u/s 36(1)(vii); Not a Debatable Issue Revenue appealed against CIT(A)’s order allowing rectification u/s 154 in favour of Assessee-Bank by treating non-grant of deduction u/s 36(1)(vii) for non-rural bad debts as a mistake apparent from record. AO had earlier rejected the rectification plea on the ground that the issue was debatable since bad debts of non-rural branches had to be adjusted against provisions made u/s 36(1)(viia). CIT(A), relying on Karnataka ...